Whales started making money when the stablecoin switch index climbed to an all-time high of less than $ 5 billion, as we can see in our crypto news today.
The supply of equivalents for all stablecoins surged to an all-time high of $ 5 billion a few days ago. One analyst says this is a clear indicator that Whales is starting to make money.
According to CryptoQuant data, on December 10, the number of bought back stablecoins reached an all-time high. As you can see in the graph, that figure reached $ 5 billion when the BTC price was set at $ 47,000.
CryptoQuant’s Dan Lim suggested that this could be an indicator that whales are making money. He suggested that this could be a response to the upcoming FOMC meeting on December 16. While it is unclear if the whales of the volatile market reaction to the FOMO announcement will follow, this is one uncertainty. It should be noted that this does not mean that whales are now starting to sell BTC, but it could be perceived as a negative sign in the bullish price movement of the past few days. Bitcoin price reached an intraday high of $ 50,800, after which it was rejected and returned to its current value of $ 48.7000.
As recently reported, news of inflation from the US pushed BTC back to $ 50,000, but then Bitcoin dropped to $ 3,000, so it is currently hovering at $ 47,000. Most altcoins are colored red on the daily scale as ETH drops to $ 4,000. The cryptocurrency failed to climb higher and hovered at $ 47,500 when the US Bureau of Labor Statistics announced its highest inflation rate in 40 years at 6.8%.
This immediately caused the price of BTC to rise by several thousand dollars to $ 50,000. As with the other attempts, the asset failed and due to the failure, it dropped by about $ 3,000. After BTC fell below $ 47,000, it has recovered well and now exceeds $ 48,000 with a market cap of over $ 900 billion. The second largest digital asset climbed above $ 4,400 a few days ago, but negative sentiment pushed it to $ 4,000 and ETH will remain above that level for now.